When to leave the office
Just out of curiosity (random college kid on here) how do first year analysts/ interns know when to leave the office? Do you all just sneak out when the associate/VP is not looking or just forget it and make arrangements with the bank to live there instead? How does this work out?
Depends on the culture. If face time, then be one of the last to leave. If no face time, doesn't matter as long as everyone knows you do not have work.
But how do you know if you have work or not? I have read (maybe incorrectly) that MD's/VP's can send assignments at immediate notice at any time and expect it to be done in a few hours.
You typically ask the team you’re working with if you can help them with anything. If they say no, they’ll usually tell you to go home.
So, I would say for at least the first 3 months you should be the "last one to leave". I put it in quotations because there are a few things that could change this.
Your team doesn't have a ton of work for you to do right now because your unlicensed, uneducated on firm materials, or you're not trusted with high amounts of work yet. If you have cleared it with your firm to go over materials and continue to learn at your apartment. Then it may be okay for you to not be the last one in the office. Otherwise the office will be a great environment for you to learn in.
I would say the other exception is if your immediate team doesn't have a ton of late grind work in front of them. Yes, this can happen and if everyone on your immediate team is headed out, you are probably in the clear to follow along. I would double check with other interns and analyst and make sure they don't have work they need done. Help a fellow man/woman out. Also, if you want to switch sector may be better going forward as well. (EX: O&G always went home early and then you want to switch to TMT, which is the midnight oil burners and deal makers. Doesn't look good if you try and make that switch)
I worked primarily under four analysts for about six months as an intern. My attitude was to stay until they told me to go home. I proved my worth by stepping up when the opportunity presented itself and asking for more work immediately upon finishing any task. In return two of them in particular had my back and oftentimes told me to just leave if the clock hit midnight or 1AM, even if we were still in the middle of turning comments or working on updating a model, etc. I also had an associate who really liked me and would usually help me get out around 5-6 on Fridays if I wasn't working on anything pressing for her deal (would literally loudly announce that I should go and enjoy the weekend in front of all the analysts). I guess what I am trying to say is that if you grind when needed and work for good analysts and associates, then they will cover for you and try and minimize your suffering, even when it occasionally means more work for them.
I also worked for a ruthless analyst who would have me grind all night and still come in early simply so he could suck up to the associates and VPs they were staffed under. For example, when looking at a very niche company for a sell side process, a VP asked the analyst for 8-10 comps. This dude had me find 10 additional comps after finding the only 10 or so decent ones, so the task took around ten hours beginning at 7 PM. Every time I mentioned that there were no more suitable comps he insisted I wasn't working hard enough, and directly stated that I was slacking off. I worked under him strictly for three months and there were many nights like this, but this one always stood out. There was no reason for so many comps, other than the analyst was a dick who wanted me to stay until 4 to pull comps that would never be used.
So the longwinded answer is that as an intern I think you should stay until you finish everything you can or you are told to leave. I think with how competitive the process is today this is essential to getting a return offer.
Welcome to banking the majority of what you do won't be used
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